NEW DELHI: Bengaluru-based builder Nitesh Estates and global investment bank Goldman Sachs has announced an agreement to jointly invest upto $250 million in income producing commercial real estate assets in India.

"This landmark investment announcement with Goldman Sachs, an experienced investor in Indian and global real estate, will accelerate our firm's foot print across the country by providing capital where it is needed as well as through acquisitions of existing projects," said Nitesh Shetty, chairman and managing director of Nitesh Estates.

Along with this joint venture, Goldman Sachs has also provided a financing commitment of $37 million for Nitesh Estates' acquisition of Koregaon Park Plaza, a 1 million sq ft operational shopping mall and future high-end office complex development in Pune, from Israeli firm Elbit Imaging, which is owned by Israeli billionaire Mordechai Zisser.

Sonjoy Chatterjee, chairman of Goldman Sachs India said: "We believe the cyclical recovery in India has begun. The new government is focused on boosting potential growth and removing bottlenecks, which will kick start the investment and consumption cycles leading to enhanced GDP growth. This announcement is consistent with our strategy to invest in sectors critical to India's development."

Goldman Sachs is the latest to join the queue of global investors such as Blackstone, Qatar Investment Authority, GIC and Brookfield Asset Management who have bought high quality income producing office space over the last few years. Blackstone has now has one of the largest portfolio of income producing office properties in India.